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Michael Kors Acquires Luxury Fashion Brand, Versace, for $2.12b

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By Dipo Olowookere

Global fashion luxury group, Michael Kors Holdings Limited, has signed a definitive agreement to acquire all of the outstanding shares of Italian luxury fashion house, Gianni Versace, for a total enterprise value of €1.83 billion or $2.12 billion.

Versace, long recognized as one of the world’s leading luxury fashion companies, is synonymous with Italian glamour and style.

A statement by Michael Kors disclosed that with the acquisition, it intends to grow Versace to $2.0 billion in revenues globally and build on the brand’s luxury runway momentum.

In addition, the firm plans to enhance Versace’s powerful and iconic marketing, increase global retail footprint from approximately 200 to 300 stores, accelerate e-commerce and omni-channel development, and expand men’s and women’s accessories and footwear from 35 percent to 60 percent of revenues.

It was disclosed that the acquisition of Versace is expected to deliver a number of benefits for Michael Kors by helping it grow the group’s revenues to $8 billion in the long-term, expand the global luxury group to include three iconic founder-led brands defined by fashion luxury products with a reputation for world-class design and innovation.

Also, the deal is expected to diversify Michael Kors’ geographic portfolio from 66 percent Americas to 57 percent Americas, 23 percent Europe to 24 percent Europe, 11 percent Asia to 19 percent Asia, and create a potential long-term operational synergies.

Commenting on the deal, Chairman and Chief Executive Officer of Michael Kors Holdings Limited, Mr John Idol, said, “The acquisition of Versace is an important milestone for our group. Versace was founded in 1978. For over 40 years, Versace has represented the epitome of Italian fashion luxury, a testament to the brand’s timeless heritage.

“We are excited to have Versace as part of our family of luxury brands, and we are committed to investing in its growth.

“With the full resources of our group, we believe that Versace will grow to over $2 billion in revenues. We believe that the strength of the Michael Kors and Jimmy Choo brands, and the acquisition of Versace, position us to deliver multiple years of revenue and earnings growth.”

“Donatella’s iconic style is at the heart of the design aesthetic of Versace. She will continue to lead the company’s creative vision. I am thrilled to have the opportunity to work with Donatella on Versace’s next chapter of growth,” Mr Idol continued.

“This is a very exciting moment for Versace,” said Donatella Versace. “It has been more than 20 years since I took over the company along with my brother Santo and daughter Allegra. I am proud that Versace remains very strong in both fashion and modern culture. Versace is not only synonymous with its iconic and unmistakable style, but with being inclusive and embracing of diversity, as well as empowering people to express themselves. Santo, Allegra and I recognize that this next step will allow Versace to reach its full potential. We are all very excited to join a group led by John Idol, whom I have always admired as a visionary as well as a strong and passionate leader. We believe that being part of this group is essential to Versace’s long-term success. My passion has never been stronger. This is the perfect time for our company, which puts creativity and innovation at the core of all of its actions, to grow.”

Donatella added, “Santo, Allegra and I will become shareholders in Capri Holdings Limited. This demonstrates our belief in the long-term success of Versace and commitment to this new global fashion luxury group.”

“Versace’s management team will continue to be led by Chief Executive Officer, Jonathan Akeroyd, who has been an instrumental partner to Donatella in driving growth and success for Versace worldwide,” added John D. Idol. “He and Donatella have assembled strong senior management and design teams that will continue to lead Versace into its next chapter. We are extremely fortunate to be able to acquire such an extraordinary brand with an incredibly talented team.”

Jonathan Akeroyd, Chief Executive Officer of Versace, said, “Since I joined Versace over two years ago, our focus has been on leveraging the company’s heritage and strong brand recognition worldwide, which has allowed us to experience significant growth in all regions. Donatella’s unmatched vision has led to the continued and growing success of our brand. I am thrilled to be joining Capri Holdings Limited, which will be instrumental in accelerating our growth globally.”

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Facebook 2026 ‘Made by Africa’ Campaign Features Kehinde Bankole, Others

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Facebook Made by Africa Campaign

By Aduragbemi Omiyale

Social media giant, Facebook, is celebrating the 2026 Africa Day on May 25 in a bid way through the launch of the sixth edition of its pan-African campaign, ‘Made by Africa, loved by the world: Where stories spark community.’

This year’s focus is on African cinema, and it features five talents from the sector, who are Kehinde Bankole (Nigeria), Linda Mtoba (South Africa), Nomzamo Mbatha (South Africa), Osas Ighodaro (Nigeria), and Tobi Bakre (Nigeria).

The campaign features a five-part vodcast series profiling these five internationally acclaimed actors and filmmakers, hosted by leading African podcasters, I Said What I Said (Nigeria), and Because We Said So (South Africa).

Each episode explores the talent’s creative journey, global impact, and how they use Facebook to build communities and connect with fans worldwide.

Vodcast snippets will be available on the Meta Africa Facebook page, with full episodes on the I Said What I Said and Because We Said So podcasts and talent profiles.

Speaking about the campaign, Kezia Anim-Addo, Communications Director, Africa, Middle East & Turkey at Meta, said: “For six years, Made by Africa has spotlighted talent from across the continent making a mark globally. This year, film takes centre stage. From Nollywood to South African cinema, African stories are reaching audiences worldwide, and Facebook is at the heart of how people come together around cultural moments like these. This campaign backs the filmmakers driving that momentum.”

Also, the hosts of I Said What I Said, FK Abudu & Jola Ayeye, said, “We’re excited about this partnership and the chance to collaborate with Facebook in celebrating Africa Day with other brilliant African creatives. Being able to spotlight creators with global impact feels incredibly special to us, and we look forward to more partnerships and opportunities to champion African creativity.”

Also, the anchors of Because We Said So, Zama Marubelela & Landzy Gama, said, “As young African content creators, we’re passionate about celebrating African excellence, identity, and culture through honest and relatable conversations. Having Nomzamo Mbatha and Linda Mtoba on Because We Said So made this collaboration with Meta even more special, as they both continue to represent Africa on a global stage while sharing authentic African stories with the world. We’re excited to amplify these voices and be part of a campaign that celebrates African talent, creativity, and storytelling on a global scale.”

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MasterChef Nigeria surprise: From Nightmare to Dream Come True, Fads is Back and On Fire

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MasterChef Nigeria

The MasterChef Nigeria kitchen is no stranger to unexpected twists — and this week delivered one of its biggest surprises yet. 

In a dramatic turn of events, previously eliminated home cooks Fads, Pearl and Margaret were given an extraordinary second chance: a shot at redemption and an opportunity to fight their way back into the competition.

With a place back in the MasterChef kitchen — and a chance to compete for the life-changing 73 million prize on the line, the trio faced a high-pressure Redemption Challenge centred around one deceptively simple ingredient: eggs.

Tasked with mastering three culinary fundamentals in just 10 minutes, the contestants had to deliver the perfect poached egg, boiled egg and omelette — a challenge designed to test precision, timing and technical skill under immense pressure.

In a dramatic cook-off, it was Fads who rose to the occasion, impressing the judges with her execution and earning her place back in the MasterChef kitchen. For Pearl and Margaret, however, the challenge marked the end of their MasterChef journey, as they bid farewell to the competition for good.

True to the spirit of MasterChef Nigeria, the competition was far from over. The Top 8 immediately faced another challenge — a celebration of the Staples of Success — where culinary skill met high stakes. With an impressive 2 million up for grabs, the home cooks had yet another opportunity to prove themselves in the MasterChef kitchen.

The arrival of the white apron cook was met with excitement in the MasterChef Nigeria kitchen, as the home cooks embraced the moment with enthusiasm and ambition.

However, while some rose to the occasion, others struggled to meet the judges’ exacting standards.

Derry’s dish was dealt a major setback when her chicken was found to be undercooked. David’s red chilli starter and roasted chicken main failed to deliver the impact the judges had hoped for and overwhelmed by emotion, Favy faced a challenge of her own when her panna cotta refused to set, forcing her to rethink her dish under pressure.

Demilade impressed the judges with a standout combination of Potato Crisps and a creative Plantain Split, showcasing both confidence and flair in the kitchen. Fads, meanwhile, delivered a remarkable comeback with her comforting yet elevated take on Yam Chips and Potato Soup — a dish that earned high praise from the judges. Clearly impressed, Chef Eros described Fads’ creation as “restaurant ready.”

Demilade and Fads rose above the competition to secure coveted spots in the Top 2, earning themselves a shot at the 2 million prize.

In the end, it was Fads who claimed Dish of the Day, completing an impressive comeback story as she walked away with 2 million and renewed confidence in the MasterChef Nigeria kitchen.

Next week, tensions rise as the Top 8 take on a high-pressure Fashion Challenge, with the MasterChef kitchen also welcoming special guest judge Ezinne Chinkata.

Produced by Primedia Group, MasterChef Nigeria is supported by a strong coalition of leading Nigerian brands, including headline sponsor Power Oil, alongside Indomie, Dano Milk, Malta Guinness, Sonia Tomato, Kiara Rice, Golden Penny Flour, Golden Penny Sugar, Golden Penny Garri, Golden Penny Semolina, Golden Penny Chocolate Spread, and Golden Penny Wheat.

The show airs weekly on Sundays at 7 pm on Africa Magic Showcase and Africa Magic Family, with rebroadcasts on Wednesdays at 6 pm on Africa Magic Showcase and Thursdays at 12 pm on Africa Magic Family.

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Netflix Spends $135bn on Films, TV Shows in 10 Years

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By Adedapo Adesanya

Data from Netflix reveals that more than $325 billion was contributed to the global economy over the past decade, creating more than 425,000 jobs in over 50 countries, including Nigeria.

A decade ago, Netflix expanded into almost every country in the world in a single day, and since then, it has been “a champion of local stories”, spotlighting them on a global stage.

Netflix signalled its Nigeria ambitions with the acquisition of Lionheart, a film produced in 2018 by industry veteran, Genevieve Nnaji, as its first original film in the country.

The streamer has since commissioned and co-produced multiple original series and films in the years since.

However, in late 2024, it was reported that Netflix was exiting the Nigerian market; it denied the reports, but has since cut back on original productions.

Viewing of non-English language titles represented less than a tenth of total viewing on Netflix ten years ago, while today it’s more than a third.

Netflix says the data underscores its continued commitment to supporting creative communities everywhere.

In Nigeria, some Netflix-affiliated films have amassed hit followings and series, such as Gingerrr, King of Boys, The Black Book, Anikulapo, Sugar Rush, Hijack ’93, among others.

Speaking on the development, Mr Ted Sarandos, co-CEO of Netflix, commented: “[…] what really matters are the people behind those numbers — the writers, directors, carpenters and electricians, the small business owners and community members and of course, the fans who make everything possible.”

This data is revealed as Netflix launches The Netflix Effect, designed to bring together stories from around the world that explore the economic and cultural impact Netflix has had on the entertainment industry.

“Over the last decade, Netflix shows and movies have consistently shaped what people read, buy, listen to, eat, wear and play. We’ve pushed old songs back up the musical charts, helped niche sports go mainstream, and boosted sales of everything from chess sets to Halloween costumes, to home storage.” Mr Sarandos added.

“Now we have a responsibility to keep that flywheel going. That’s why, while other entertainment companies pull back, we’re leaning in — spending tens of billions of dollars on content every year, investing in production facilities from Spain to New Jersey, and growing the entertainment industry through training programmes that have reached over 90,000 people across more than 75 countries.”

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